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Techne Corporation Releases Unaudited Third Quarter Results for Fiscal Year 2009

e expenses from the comparable prior-year periods were the result of the following (in thousands):

                                                       Quarter    Nine Months
                                                      --------    -----------
    Reduction in profit sharing expense               $(1,326)      $(1,943)
    Change in exchange rates to convert foreign
     expenses to U.S. dollars                            (651)       (1,538)
    Other, including annual wage, salary and
     benefits increases                                    44         1,356
                                                      --------      --------
                                                      $(1,933)      $(2,125)
                                                      ========      ========

Research and development expenses decreased $30,000 (0.5%) and increased $983,000 (5.9%), respectively, for the quarter and nine months ended March 31, 2009 from the comparable prior-year periods.

Interest income decreased $1.6 million and $2.8 million for the quarter and nine months ended March 31, 2009, respectively, from the comparable prior-year periods, primarily as a result of lower rates of return on cash and available-for-sale investments and, to a lesser extent, to lower cash and available-for-sale investment balances.

The effective tax rate for both the quarter and nine months ended March 31, 2009 was 32.3% as compared to effective tax rates of 31.2% and 32.7%, respectively, from the same prior-year periods. The effective rate in the quarter ended March 31, 2008 was positively impacted by changes in state apportionment estimates. The Company expects its fiscal 2009 effective income tax rate to range from approximately 32.0% to 33.0%.

In November 2007, the Company's Board of Directors authorized the repurchase and retirement of up to $150 million of the Co

SOURCE Techne Corporation
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